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Group Nine’s SPAC goes public

Group Nine Media revealed last month that it was forming a SPAC (short for special purpose acquisition corporation) in order to raise money for acquisitions.
The company has now moved forward with those plans, announcing last night that it had priced the SPAC’s IPO at $10 per unit, to raise a total of $200 million. It’s now trading on Nasdaq under the ticker symbol GNACU; as of 2:53 p.m. Eastern shares were up 6.55%. (Eventually, the Class A common stock will be listed as GNAC and warrants will be listed separately as GNACW.) The offering is expected to close on January 20.
The acquisition corporation, like Group Nine itself, is led by CEO Ben Lerer (pictured above). Imagination Capital Partner Richard D. Parsons and Reddit Chief Operating Officer Jen Wong are also on the board of directors.
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